Shares of Ryan Specialty Group Holdings Inc (RYAN.N) rose 9% in their New York Stock Exchange Debut on Thursday, fetching a market capitalization of $6.5 billion for the insurance brokerage founded and led by industry veteran Patrick Ryan.
The stock opened at $25.60 per share, higher than the initial public offering price of $23.50 per share.
The company on Wednesday raised $1.34 billion by pricing about 57 million shares at the midpoint of an earlier announced range of $22 to $25 each.
Ryan, who also founded Aon Plc (AON.N), started his namesake firm in 2010 to provide specialty products for insurance brokers and agents as well as underwriting and risk management services.
The Chicago-based company has so far completed 40 acquisitions, the largest of which was the deal with wholesale insurance broker All Risks in 2020.
J.P. Morgan, Barclays, Goldman Sachs & Co and Wells Fargo Securities were the lead book-running managers.